TAQA NORTH announces acquisition of interest in West Central Alberta
TAQA NORTH, a subsidiary of the Abu Dhabi National Energy Company PJSC (TAQA), today announced that it has acquired a portion of Suncor Energy Oil and Gas Partnership (“Suncor”) interests in West Central Alberta for a total consideration of CDN $285 million. The sale includes properties known as Bearberry and Ricinus, which are located in west central Alberta, near Sundre. The acquisition will be completed in the latter part of the third quarter.
Under the terms of the sale and purchase agreement TAQA will acquire:
• production of 6,100 barrels of oil equivalent per day (boepd) of liquid rich gas
• interests in land and infrastructure directly adjacent or overlapping TAQA’s existing core area in west central Alberta.
Frederic Lesage, Managing Director of TAQA NORTH stated “The acquisition will enhance TAQA NORTH’s footprint in west central Alberta and realize synergies amongst our Caroline and Sundre properties. These assets have significant upside and will add to our current drilling locations in the area, while also adding production and reserves, and lowering our operating costs”.
Abdulla Al Nuiami, Chief Executive Officer of TAQA NORTH's parent company, TAQA, said: “The opportunity to acquire assets that we know deeply is an exciting one. We will consolidate our position in west central Alberta, growing organically and returning value to our shareholders through increased efficiencies and productivity.”